377 Victoria St
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377 Victoria St
2 Unit Apartment Building $1,100,000 ($550,000/Unit) 2.40% Cap Rate Costa Mesa, CA 92627
Investment Highlights
- Two Highly-Desirable Cottage-Style Units
- Each Unit Features a Spacious Private Yard
- Fenced Lot with Tall Privacy Trees
- Ample On-Site Parking
Executive Summary
The Leeson Group of Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 377 Victoria Street, a 2-unit multifamily investment property located in Costa Mesa, California.
The property features a two-bedroom cottage in the front and a one-bedroom cottage in the rear. Each unit features a spacious private yard, a highly desirable feature for Costa Mesa renters. Additionally, the property offers ample privacy and parking, with a spacious driveway and 2 carport spaces.
Residents benefit from 377 Victoria Street’s excellent Costa Mesa location, within walking distance of a plethora of major retail centers. Located just steps away from the property are Gray Plaza, anchored by At Home, and Harbor Center, anchored by Home Depot and the newly opened Mercado Gonzalez Northgate Market. Additionally, the property is situated just over one-mile from Orange Coast College (OCC) and the O.C. Fair & Event Center, two major housing and economic drivers for the area. Furthermore, the property’s location, between Harbor Boulevard and State Route 55, provides residents with easy access to Costa Mesa hotspots including Triangle Square, 17th Street, and South Coast Plaza. The property benefits from its close proximity to State Routes 55 and 73, convenient access to major employment hubs including the South Coast Metro, Irvine Business District, and Newport Center.
The Costa Mesa submarket is among the strongest performing areas in metro Orange County, with an average occupancy of 96.5 percent (Q4 2023) and average year-over-year effective rent growth of 8.9 percent (between 2021 to 2023), demonstrating the strong demand for rental housing. Costa Mesa’s coastal location, strong economic growth, and unmatched local attractions have made it one of Southern California’s most desirable and versatile markets.
Given its Coastal Orange County location, the property offers an investor the ability to capture quality tenants seeking a convenient location with access to a wide variety of area amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 377 Victoria Street.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
The property features a two-bedroom cottage in the front and a one-bedroom cottage in the rear. Each unit features a spacious private yard, a highly desirable feature for Costa Mesa renters. Additionally, the property offers ample privacy and parking, with a spacious driveway and 2 carport spaces.
Residents benefit from 377 Victoria Street’s excellent Costa Mesa location, within walking distance of a plethora of major retail centers. Located just steps away from the property are Gray Plaza, anchored by At Home, and Harbor Center, anchored by Home Depot and the newly opened Mercado Gonzalez Northgate Market. Additionally, the property is situated just over one-mile from Orange Coast College (OCC) and the O.C. Fair & Event Center, two major housing and economic drivers for the area. Furthermore, the property’s location, between Harbor Boulevard and State Route 55, provides residents with easy access to Costa Mesa hotspots including Triangle Square, 17th Street, and South Coast Plaza. The property benefits from its close proximity to State Routes 55 and 73, convenient access to major employment hubs including the South Coast Metro, Irvine Business District, and Newport Center.
The Costa Mesa submarket is among the strongest performing areas in metro Orange County, with an average occupancy of 96.5 percent (Q4 2023) and average year-over-year effective rent growth of 8.9 percent (between 2021 to 2023), demonstrating the strong demand for rental housing. Costa Mesa’s coastal location, strong economic growth, and unmatched local attractions have made it one of Southern California’s most desirable and versatile markets.
Given its Coastal Orange County location, the property offers an investor the ability to capture quality tenants seeking a convenient location with access to a wide variety of area amenities. This overall demand for well-located apartments will be a key driver in the continued growth at 377 Victoria Street.
*Drive by only. Do not walk the property or disturb the residents. Please contact the Listing Agent(s).*
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$46,140
|
$30.24
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$1,384
|
$0.91
|
| Effective Gross Income |
$44,756
|
$29.33
|
| Taxes |
$11,531
|
$7.56
|
| Operating Expenses |
$6,810
|
$4.46
|
| Total Expenses |
$18,341
|
$12.02
|
| Net Operating Income |
$26,415
|
$17.31
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $46,140 |
| Annual Per SF | $30.24 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $1,384 |
| Annual Per SF | $0.91 |
| Effective Gross Income | |
|---|---|
| Annual | $44,756 |
| Annual Per SF | $29.33 |
| Taxes | |
|---|---|
| Annual | $11,531 |
| Annual Per SF | $7.56 |
| Operating Expenses | |
|---|---|
| Annual | $6,810 |
| Annual Per SF | $4.46 |
| Total Expenses | |
|---|---|
| Annual | $18,341 |
| Annual Per SF | $12.02 |
| Net Operating Income | |
|---|---|
| Annual | $26,415 |
| Annual Per SF | $17.31 |
Property Facts
| Price | $1,100,000 | Property Subtype | Apartment |
| Price Per Unit | $550,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 2.40% | Building Size | 1,526 SF |
| Gross Rent Multiplier | 23.84 | No. Stories | 2 |
| No. Units | 2 | Year Built | 1947 |
| Property Type | Multifamily | Parking Ratio | 1.31/1,000 SF |
| Price | $1,100,000 |
| Price Per Unit | $550,000 |
| Sale Type | Investment |
| Cap Rate | 2.40% |
| Gross Rent Multiplier | 23.84 |
| No. Units | 2 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 1,526 SF |
| No. Stories | 2 |
| Year Built | 1947 |
| Parking Ratio | 1.31/1,000 SF |
Unit Amenities
- Yard
Site Amenities
- Fenced Lot
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 600 |
| 2+1 | 1 | - | 926 |
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Walk Score ®
Very Walkable (78)
Bike Score ®
Very Bikeable (75)
-
Tyler Leeson -
Matthew Kipp -
Marcus & Millichap
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377 Victoria St
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